REIT sells Rockville office building
Posted: 3:10 pm Wed, March 20, 2013
Washington Real Estate Investment Trust, of Rockville, which invests in income-producing commercial and multifamily properties in the Greater Washington metropolitan area, said it completed the sale of The Atrium, an 80,000-square-foot office building in Rockville.
WRIT received $15.75 million from the sale to an unidentified buyer, which intends to relocate its headquarters to the property, according to the sale announcement. The building was built in 1980 and acquired by WRIT in 2002. WRIT said it achieved a net book gain of $3.6 million and an unleveraged internal rate of return of 11 percent over the 10-year period that it owned the property.